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- According to recent research conducted by Asia-Pacific cryptocurrency exchange Independent Reserve, cryptocurrency adoption is on the rise in Singapore, particularly among younger generations anxious to capitalize on Bitcoin (BTC) and other digital assets’ potential for generational riches
- Three-quarters of those aged 26 to 35 believe cryptocurrency will be broadly embraced by people and corporations
- The Payment Services Act of the Monetary Authority of Singapore offers a solid regulatory licensing and operating environment. With licensing applications from prominent digital asset exchanges from across the world already submitted, Singapore is prepared to strengthen its image as a pioneer in the area
According to a new study done by Asia-Pacific cryptocurrency exchange Independent Reserve, cryptocurrency usage is increasing in Singapore, particularly among younger generations eager to profit on the generational wealth potential of Bitcoin (BTC) and other digital assets. According to the IRCI findings, 43% of those questioned indicated they held cryptocurrencies, with 46% planned to purchase digital assets in the next 12 months. Two-thirds of respondents in the 26 to 45 age group, or 66 percent, indicated they held cryptocurrencies.
93 percent of those questioned had heard of Bitcoin, which is unsurprising. BTC was regarded as an investment asset by almost 40% of respondents, and a store of value or digital gold by 25%. Three-quarters of those aged 26 to 35 believe cryptocurrency will be broadly embraced by people and corporations.
These opinions represent Singapore’s favorable attitude toward digital assets among various sectors of the population. Financial officials in Singapore acknowledged they are collaborating with their French colleagues to explore cross-border uses of central bank digital currencies or CBDCs, as previously reported.
Singapore’s central bank, the Monetary Authority of Singapore, has even given cash rewards to individuals who submit digital currency proposals.
Singapore is an important center in Asia due to its solid and well-regulated financial markets infrastructure and receptivity to new technology, according to Adrian Przelozny, CEO of Independent Reserve. In an email, Raks Sondhi, managing director of Independent Reserve, elaborated on Singapore’s advantages that regulatory certainty is important to many bitcoin exchanges and blockchain firms.
The Payment Services Act of the Monetary Authority of Singapore offers a solid regulatory licensing and operating environment. With licensing applications from prominent digital asset exchanges from across the world already submitted, Singapore is prepared to strengthen its image as a pioneer in the area.
According to a spokesman for the exchange, Singaporeans appear to be much ahead of the curve in terms of adoption when compared to other countries. For example, in 2020, the exchange published an independent survey of Australia that revealed a bitcoin ownership percentage of 18.6%. Singapore received a 63 on a scale of 1 to 100 in the IRCI, compared to 47 for Australia in 2020.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
